The bank in its description of the macro-economic environment stated that foreign reserves rise as oil production increases and global oil prices recover; tax revenue on the increase as tax base widens and collection improves; and GDP outlook remains positive as non-oil revenue streams are diversified.

One of the key developments around the bank during the 2017 financial year is the sales of its West Africa operations which will help the bank to focus resources on its Nigeria’s significant market opportunity while its strategic focus is on technology-led retail banking; improved underwriting and risk management; efficient use of capital; and profitable operations.

Diamond Bank Plc recorded a gross earning of N203.3bn in FY 2017 as against N187.3bn in 2016, up by 8.5% while it recorded a gross earning of N48.3bn in Q1 2018 as against N49.2bn in Q1 2017, representing 1.8% decline YoY.

Profit Before Tax went down in FY2017 at N2.2bn as against N3.3bn in FY2016 while the bank recorded N1.1bn PBT in Q1 2018, down by 77.6% from N4.9bn in Q1 2017.

A breakdown of the bank’s gross loan book by economic sectors the oil and gas sector accounted for about 53% of the bank’s total loan book while it customer deposit is about 70% retail dominated.

In a nutshell, below are the key takeaways from the FY 2017 and Q1 2018 earnings presentation made by the bank’s management;

1.The bank’s effective CRR Rate is around 31%

2.The bank sets its guidance for NPL ratio for FY 2018 at ~15%

3.It has taken action to position the bank for growth and improved profitability

4.The bank sets its guidance for profit before tax for FY 2018 at ~N8bn; and

5.The bank plans a technology-led retail as parts of its focus strategy